LME said to be in talks with banks to list London gold contracts

The London Metal Exchange is in talks with the World Gold Council and five banks about the possibility of introducing futures contracts on gold and standardized central clearing, according to two people familiar with the matter.

The talks are exploratory and there's no time frame for a decision on the contract, which would be for delivery in London, said the people, who asked not to be identified because the matter has not been made public. The banks are ICBC Standard Bank Plc, Citigroup Inc., Morgan Stanley, Goldman Sachs Group Inc., and Societe Generale SA, they said.

The banks and World Gold Council asked for proposals last year from a group of exchanges, including London Stock Exchange, Intercontinental Exchange Inc., and CME Group Inc., on how to start clearing and listed derivatives on gold, the people said. The LME was chosen from that group for more detailed talks, they said. ...

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